The International Monetary Fund maintains a system of fixed exchange rates centered on gold and the U.S. dollar, and the International Bank for Reconstruction and Development provides economic assistance to developing countries.
One of eleven children of a butcher, Johann Jakob Astor was educated until age fourteen. He later joined an older brother in London, where he sold musical instruments, learned English, and changed his name to John Jacob.
In the fall of 1973, the Organization of Petroleum Exporting Countries (OPEC) sought to increase the price of oil, because the dollar was losing value.
The United States Agency for International Development (USAID) is an independent federal agency, although the secretary of state broadly oversees its work.
The U.S. Agency for International Development (USAID) is an independent federal agency that works to support economic growth and agricultural development, global health, and disaster assistance in developing areas of the world.
The World Trade Organization (WTO) is the major global organization involved in negotiating, establishing, and resolving international trade rules and disputes. In 1995 the WTO replaced the General Agreement on Tariffs and Trade (GATT), which was created at the end of World War II to reduce TRADE BARRIERS through multilateral negotiations.
The Organization of Petroleum Exporting Countries (OPEC) is a cartel of 12 nations that seek to influence oil prices through control of the supply of oil to world markets.
The North American Free Trade Agreement (NAFTA) is an agreement governing trade among the United States, Canada, and Mexico in effect since January 1, 1994.
To advance economic recovery in Europe following World War II, the Marshall Plan, or the European Recovery Program, was established. A draft of this plan took form in a commencement speech given at Harvard University on June 5, 1947, by U.S. Secretary of State George C. Marshall, who spoke of the importance of restoring “economic health” in order to assure “political stability” in the region.
The Export-Import Bank of the United States (Ex-Im Bank) is a government-held CORPORATION created in 1934 to finance and facilitate U.S. exports. To stimulate exports to the former Soviet Union at the end of World War II, the Ex-Im Bank supported reconstruction of Europe and Asia.